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Q2 2011 Earnings Call – EOG Resources, Inc.

EOG Resources, Inc. · Aug 5, 2011 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 1
    NYSE Stock Symbol: EOG Investor Relations Contacts Common Dividend: 0.64 Maire A. Baldwin, Vice President - IR Basic Shares Outstanding: 268.6 Million (713) 651-6364, Fax (713) 651-6473 mbaldwineogresources.com Elizabeth M. Ivers,…
  2. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 2
    Exploit Expertise in Horizontal Shale Technology to Capture First/Early Mover Positions in Crude Oil/Liquids Resource Plays - Leader in Horizontal Technology - Bullish on Long-Term Oil Fundamentals - Higher Margin Business Extend…
  3. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 3
    10 12 2 4 6 8 10000 12000 00 2000 4000 6000 8000 * Source: EIA Jan-1920 Jan-1923 Jan-1926 Jan-1929 Jan-1932 Jan-1935 Jan-1938 Jan-1941 Jan-1944 Jan-1947 Jan-1950 Jan-1953 Jan-1956…
  4. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 4
    First Mover in Almost All U.S. Unconventional Horizontal Oil Plays Success of Captured Horizontal Oil Inventory Has Exceeded Expectations - 1.8 Bnboe*, Net, All Organic 69% Crude Oil, 18% NGLs Biggest Oil Producer in North Dakota…
  5. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 5
    Natural Gas Massive Inventory of Captured Gas Assets in Low-Finding-Cost Plays Haynesville/Bossier 11 Tcf*, Net on 190,000 Net Acre Position 78% in Sweet Spot Marcellus 3.3 Tcf*, Net 210,000 Net Quality Acres Barnett Currently EOGs…
  6. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 6
    1999 2009* After Transition EOG Transitioning to Oil 11-Year Average 2012E** 2010* - 2011E** 25.6% 11.2% 17.7% 3.2% 14.5% 14.4% 14.0% 10.1% 11.0% 0.9% 1.6% EOG Peer EOG Peer EOG Peer EOG Peer EOG PeerGroup Group* EOG…
  7. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 7
    Capital Structure Active Drilling Program with Large Capex Requirements 2011 - 2012 to Avoid Lease Expiries - Plan to Execute with High ROR Program and Only Moderate Leverage On Track to Sell 1.6 Bn of Natural Gas and Midstream…
  8. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 8
    2011E Capex - 6.8 to 7.0 Bn* Including Facilities and Midstream Gathering, Exploration and Processing and Other Development Facilities 9% 7% Exploration and Development 84% Exploration and Development 83% 80% Focused…
  9. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 9
    Preliminary 1st Half FY 2010 2011 2011E* 2012E 2013+ Crude Oil and Condensate 35% 49% 52% 30% NGLs 29% 41% 34% 18% Further Total Company Liquids 33% 47% 47% 27% Growth North American Gas** -2% 0% -6% 0% to 3%*** Other Gas 24% 5%…
  10. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 10
    79% 76% 74% 71% 70% 67% 59% 53% 47% 41% 33% 29% 30% 26% 24% 21% Preliminary 2006 2007 2008 2009 2010 1H 2011 2011E** 2012E Liquids (Crude Oil and NGLs) Natural Gas * 2006 1H 2011 based on North American actual…
  11. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 11
    200% 160% 120% 80% 40% Co. 11 Co. 12 0% EOG Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Peer Co. 7 Co. 8 Co. 9 Co. 10 Avg -40% Source: Goldman Sachs estimates July 15, 2011, 125 WTI and 4.25 Henry Hub in 2012. *…
  12. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 12
    EBITDA Per Share Cash Flow Per Share 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 11 12 0% 0% EOG 1 2 3 4 5 6 7 Peer 8 9 10 11 12 EOG 1 2 3 4 5 6 7 Peer 8 9 10 Avg Avg -10% Source: Goldman Sachs estimates July…
  13. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 13
    EOG Has Captured Largest Net Position in Biggest Lower-48 Crude Oil Discovery in Past 40 Years Captured Reserves* Oil 690 MMBo NGLs 100 MMBbl Gas 661 Bcf San Antonio Total 900 MMBoe, NAR Largest Oil Producer in the Eagle…
  14. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 14
    600 535,000 of EOG Net Acres are in Crude Oil Window 500 400 300 200 100 0 EOG Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Co. 8 Co. 9 Co. 10 Co. 11 Co. 12 Co. 13 Co. 14 Co. 15 Co. 16 Co. 17 Co. 18 Co. 19 Co.…
  15. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 15
    Predictable High-Return Play - Repeatable Well Results Across 120-Mile Lease Position - Opportunity to Invest 10Bn - 15Bn with 95% to 140% Direct ATROR* - By 2012 Expect to Decrease Well Costs by 1MM/Well from Beginning of 2011 with…
  16. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 16
    Achieving 100 Percent Successful Completion Rate - 96 Net Wells Drilled in 2010; Plan 250 Net Wells in 2011 Ramping Up the Pace Current 22-Rig Drilling Program - Multi-Year Growth Inventory Captured Wells Performing Better Than…
  17. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 17
    King Fehner Unit 2H, 4H, 5H and 6H Merritt 4H IP Range: 1,238 to 1,487 Bopd + IP: 1,361 Bopd + 0.6 MMcfd 1.2 to 1.6 MMcfd Naylor Jones A 2H, 99 1H and 96 1H Hill Unit 1H IP Range: 997 to 1,153 Bopd + IP: 1,461Bopd + 1.0 MMcfd…
  18. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 18
    2.0 1.8 *Based on Consistency of Reservoir Flow Rate and Liquid Content 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 EOG Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Co. 8 Co. 9 Co. 10 Co. 11 Co. 12 Source: Bernstein Research…
  19. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 19
    Biggest Oil Producer in North Dakota - 2Q and 2H11 Affected by Record Flooding 600,000 Total Net Acres Early, Premier Position - Primary Leasing Activity 2004 - 2007 Canada Hardscrabble Consistent Well Results Across Play 13-3526H…
  20. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 20
    0.60 600 0.50 500 0.40 400 0.30 300 200 0.20 100 0.10 0.000 Co. 1 EOG Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Co. 8 Co. 9 Co. 10 Co. 11 Co. 12 Co. 13 Co. 14 Co. 15 Co. 16 Source: Bernstein Research July 2011.…
  21. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 21
    Increased Core Area to 195,000 Net Acres Strong Wells Montague and Cooke Counties Combo Core Area Bopd Mcfd (Rich Gas) 195,000 Net Acres - Gaedke Units 5 Wells 338 to 696 + 807 to 2,152 - Stoddard Units 4 Wells 777 to 918 + 1,262…
  22. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 22
    131,400 Net Acres Captured in Play University 40-A 0401H - Completed 14 Horizontal Wells to Date - 47,000 Acres Proven to Date Core - Multiple Pay Targets Area Core Area Potential* Reserves 40 MMBoe, NAR - Early Irion County…
  23. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 23
    EOG Acreage Control 108,000 Total Net Acres in Play - Completed 19 Horizontal Wells to Date Prospective Area Eddy Lea - 62,000 Acres Proven to Date - Multiple Bone Spring Objectives Underlie Shale Horizontal Potential* Reserves 65…
  24. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 24
    Current 2-Rig Drilling Program - Plan 45 Wells in 2011 Jake 2-01H Elmer 8-31H Operational Activity WY NE Drilling Activity to Date on 80,000 Net Acre Hereford CO Ranch Field - Continuing to Exploit with Good Well Results Recent Drilling…
  25. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 25
    150,000 Net Acre Position with Multiple Pay Zones Initial Target Turner Sandstone Horizontal - Plan Further Tests on Other Horizons Later in 2011 and 2012 Plan to Drill 7 Wells 2H 2011 8 Successful Horizontal Wells to Date 100% Success…
  26. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 26
    Prospective Area Davis 34,000 Total Net Acres in Core Area 3 1VH Ellis County - Completed 26 Gross Horizontal Wells to Date Core Area - Multiple Targets Within Thick Tight Clastic Sequence Wayland 22 1H Pshigoda 25 1H Opal Core…
  27. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 27
    190,000 Net Acres 78% in Sweet Spot Haynesville/Bossier - Third Largest Holder of Sweet Spot Acreage Shale Play Area - Strong Economics from Both Haynesville and Bossier Shales TX LA Sweet Spot Potential Reserves* 11 Tcf, NAR…
  28. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 28
    210,000 Net Acres in Pennsylvania Bradford Area - 50,000 Acres Bradford Area, 100% WI - 160,000 Acres Elk/Clearfield Area, 50% WI Elk/Clearfield Area Potential Reserves* 3.3 Tcf, NAR 9+ MMcfd Improvement in Well Completions…
  29. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 29
    Horn River 157,500 Net Acres Potential Reserves* 9 Tcf, Net Minimal Drilling in 2011 to Hold Acreage One of Western Canadian Producing Areas That Could Fort Nelson Supply Kitimat Kitimat LNG Export Facility Strategy is to…
  30. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 30
    Trinidad and Tobago ATLANTIC OCEAN Trinidad TRINIDAD 4(a) U(a) U(b) Developing 350 Bcf Toucan Discovery for 2011 - 2013 Gas Contracts SECC VENEZUELA United Kingdom United Kingdom NORTH SEA Central East…
  31. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 31
    EOG Reserves Within 5% of Independent Engineering Analysis Prepared by DeGolyer and MacNaughton 23 Straight Years Reviewed 77% of Proved Reserves in 2010 Conservative - Successful Efforts Accounting - Zero Goodwill - Credit Ratings…
  32. Q2 2011 Earnings Call – EOG Resources, Inc. – slide 32
    EOG Has Largest Proven U.S. Horizontal Drilling Oil Inventory in Entire Industry EOG Has Captured Low Cost First-Mover Advantage Key Differentiator Horizontal Oil Assets Will Drive Strong 2011 - 2012+ Production Growth with High…

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